No new North Las Vegas plans in near term for Faraday

Nearly a year after walking away from plans to build a $1 billion electric car manufacturing factory in North Las Vegas, Los Angeles-based car manufacturing company Faraday Future has announced a new main shareholder.

The entrance to Faraday Future's main facility in Gardena, California, is seen Thursday, March 23, 2017. (Nicole Raz/Las Vegas Review-Journal)

Faraday Future vice president of manufacturing Dag Reckhorn waits for others during the groundbreaking for the company's planned 900-acre manufacturing site in North Las Vegas on Wednesday, April 13, 2016. (Chase Stevens/Las Vegas Review-Journal Follow @csstevensphoto)

Nearly a year after walking away from plans to build a $1 billion electric car manufacturing factory in North Las Vegas, Faraday Future has a new main shareholder.

But even with the investment announced Tuesday, the Los Angeles-based car manufacturer appears unlikely to embark on construction plans in North Las Vegas anytime soon.

Season Smart Limited, which had agreed to invest $2 billion in Faraday back in November for
45 percent of its shares, was acquired by Evergrande Health Industry Group Limited for $860 million on Monday.

Season Smart’s shares will be transferred to the Hong Kong Exchange-listed company, leaving
33 percent to the original shareholder and 22 percent to Faraday’s team. The transaction received approval from the Committee on Foreign Investment in the United States last week.

While Faraday still owns the land at the Apex Industrial Park in North Las Vegas, no plans have been settled for future developments, according to John Schilling, Faraday’s director of public relations.

The Apex Industrial Park site “remains a long-term manufacturing solution,” Schilling said in an email.

To receive a financial incentive package from the state of Nevada similar to the one it had received previously, Faraday — which withdrew as a qualified project after halting its North Las Vegas development plans in July — would likely have to go through the application process again.

Evergrande Health’s investment makes it possible for Faraday to continue the development and production of the FF 91, its first production vehicle, and deliver the car to the market in 2019, Schilling said. Season Smart had already paid $800 million to Faraday, leaving Evergrande Health to pay the rest of the balance.

“This shows that our investor trusts (Faraday) to lead a transformation of the global automotive industry,” Schilling said. Evergrande Health values Faraday’s “product, technology and management team very much,” and it recognizes “that the smart mobility EV industry is one of the largest industry-revolution opportunities.”

Operators of the Pinball Hall of Fame have been approved to build a new, larger arcade near the south edge of the Strip on Las Vegas Boulevard near Russel Road. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

National Hardware Show underway Las Vegas

The National Hardware Show kicked off Tuesday at the Las Vegas Convention Center (Mat Luschek / Review-Journal)

Caesars for sale?

Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.

Las Vegas home prices

Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas' price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.

Free Parking Coming To Wynn

Free parking will come to the Wynn and Encore resorts on May 1, 2019. (Mat Luschek / Review-Journal)

Founding Venetian employees talk about 20 years at the Strip resort

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Circa aiming for December 2020 opening

The 1.25-million-square-foot property will have 44-stories and 777-rooms. It will also have a separate nine-story, 1,201-space parking garage.

Boxabl official explains the building concept

Boxabl business development manager Galiano Tiramani shows off a room built by his company. (Blake Apgar/Las Vegas Review-Journal)

TI/Mirage Tram reopens

The tram that shuttles guests between TI and Mirage reopened this week after being closed for much of 2018.

Las Vegas Convention Center expansion taking shape

Renderings and actual footage show how the Las Vegas Convention Center is evolving.

Japan’s NHK Science & Technology Research Laboratories booth featured a 1mm thick 8K TV system used in conjunction with a 22.2 channel digital sound system at the National Association of Broadcasters Show at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

Business reporter Rick Velotta gives an update on the adjudicatory hearing on the suitability of Wynn Resorts to retain its gaming license in Massachusetts.

Henderson app developer part of Startup in Residence

Henderson based developers of the app On Point Barricade are taking part in Startup in Residence, a North America program dedicated to pairing tech companies with governments. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

Sam's Town employees and customers talk of their love for the iconic casino

Longtime Sam's Town employees and customers love each other and love their casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

Las Vegas apartments rents

Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants have filled buildings.

William Boyd talks about the birth of Sam's Town

On the eve of the 40th anniversary of Sam's Town, William Boyd, executive chairman of Boyd Gaming and son of hotel namesake Sam Boyd, talks about how the casino became one of the first local properties in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’
A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.

MGM's sports betting deals

MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.

Faraday puts Las Vegas land on the market

Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)

The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)

State lawmakers approved a bill in 2015 — a decade after Las Vegas’ wild building spree — that raised barriers to pursuing lawsuits alleging shoddyconstruction. A measure now working its way through the Democratic-controlled Legislature would wipe out or change provisions of that law.

Advancing technology in slot machines is paving the way for a better, more immersive experience for players — one that draws a wider variety of demographics, and keeps them in their seat at the slots longer, industry insiders say.

The state Assembly approved a bill last month that would make it easier for homeowners to pursue construction defect claims — and potential lawsuits — against builders, contractors and others who worked on their houses.